Successful property investors need to focus on maximising their rental returns. Doing so improves cash-flow and makes your investment more affordable. This can lead to further opportunities and investment options, perhaps another investment property, sooner.
In order to obtain the optimum market rent it is important to ensure your property in well maintained and in good repair. Some tips on maximising your rental return include:
1. Location – Properties close to infrastructure, amenities, transport and good employment prospects will attract good rental returns.
2. Tennant Appeal – Good sized living areas, decent bathrooms and well appointed kitchens are all high on a renter’s wish list.
3. Added Value – Fresh paintwork, fresh carpets, a BBQ area and pleasant gardens can “up the rent” as it adds appeal for tenants.
4. Monitor Rents – Every dollar counts. Review your rental return every 6 months and don’t be scared to reasonably increase the rent if the market supports it.